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Exxon Apostasy: A Closer Look at the Oil Giant's Real Valuation

Very interesting psychological look at the XOM but I must disagree with all for one very simple reason- XOM is a DJIA component ( about 7% weighting) and SP 500 component ( 5% weighting) which means that in any circumstances for the Crude Oil price this stock will have up to 2 times the average deviation from it's index ( XOM beta is 0.5%) that is XOM is able theoretically outperform DJIA or SP 500 by 50% on the downside and underperform 50% on the upside.
That is why exactly XOM is down only 15% not 35% as DJIA or SP 500 from it's high as it's beta is 0.5%.
Investors in XOM who think DJIA or SP 500 are going to be lower from year from now can stick to XOM, investors who are bullish may sell XOM and instead buy more correlated beta stocks to the upside with the value of beta 1 and above.